Surge in First Elite Capital Modaraba Certificates Linked to Purchases by Major Holder

Karachi: A significant increase in the price of M/s First Elite Capital Modaraba (FECM) certificates has been observed, coinciding with the acquisition of approximately 221,220 certificates by a notable certificate holder, Mr. Nauman Rathore, between June 21, 2024, and July 03, 2024.

Despite the substantial movement, the exact cause of the price surge remains unspecified. According to information available from the Pakistan Stock Exchange (PSX), the company has reported through multiple notifications to PUCARS on June 21, June 27, June 28, July 1, July 2, and July 3, 2024, acknowledging the bulk purchases by Rathore but not confirming them as the sole reason for the price increase.

The company has expressed hope that this disclosure addresses concerns regarding the recent price movements of its certificates.